Sat.Aug 15, 2015 - Fri.Aug 21, 2015

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Banks Need To Stop With The “Digital Strategy”

South State Correspondent

Indra Nooyi, Pepsi’s CEO, wanted to put more emphasis on design. She gave each executive a photo album and a mission to go capture designs that “inspire.” It was a simple assignment, but only a few managers completed the task and of those that did, half of those had their spouse do it for them. Those that did do it, just stuck with superficial changes such as changing the shape of their bottle, the label and the color of Pepsi’s blue.

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Ag lending risk increasing as result of declining incomes

Abrigo

According to recent data from the Agricultural Finance Databook , non-real estate farm loan volumes continued to rise in the second quarter of 2015, increasing by five percent over the second quarter of 2014. This growth continues the trend from the first quarter of 2015 , which saw an increase of eight percent year over year. But there is cause for concern, as 2015 farm income is expected to decrease from year-ago levels.

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The power of three applies to governing your digital transformation

Accenture

Most banks split the execution of any change with detailed handover between various disciplines. This traditional approach does not work for a digital strategy. Successful, scalable digital transformation requires three important roles: The technology entrepreneur, the banking entrepreneur and the. Read more.

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Let’s Put a Stop to Credit Union End Run Around Congress

Finer Points

The United States has three branches of government to prevent any one from having too much power. The tax-exempt credit union industry apparently skipped this civics lesson because it obviously doesn’t believe it should have to listen to Congress. The National Credit Union Administration has proposed dramatically revising business-lending rules for these tax-subsidized institutions.

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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper

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What Is Your Bank’s Loan Portfolio Rated?

South State Correspondent

One problem with commercial loan portfolio due diligence is that there is no common underwriting standard between community banks. Mortgages, autos, consumer and other retail-type of loans tend to be more standardized since liquidity is greater. However, when it comes to commercial lending, the difference between banks can be wide. One bank’s “3” rated credit can be another bank’s “6.

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CFPB publishes TRID rule questions index

CFPB Monitor

Richard J. Andreano, Jr. The CFPB has posted on its website an index to the various questions regarding the TILA/RESPA Integrated Disclosure (TRID) rule that were addressed during the five webinars on the rule conducted by CFPB staff. The index includes a link to the CFPB webpage that has links to the recordings of the five webinars. Also, the reference date of the applicable webinar that addresses each question is a link to the Table of Contents for that webinar.

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Lockbox Business Continuity – Disaster Planning

Jack Henry

Author: Robert Hudecek, RHudecek@profitstars.com. Stability remains one of the leading challenges for IT departments, especially when supporting ancillary, yet mission critical applications, for financial institutions such as lockbox item processing. Server positioning for installed products remains in a constant virtual tug-of-war between business needs, audit requirements, and product constraints.

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What is the Fed’s Next Move?

South State Correspondent

It’s hard to meet a banker today who doesn’t want to banter about the Federal Reserve’s next monetary step. Despite the talk of an imminent Fed hike for the last two years, it now seems right around the corner – or does it?

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VIDEO: How to prepare for valuation industry growth

Abrigo

Industry research suggests that much of the growth in the business valuation industry is due to baby boomers retiring, with the intent to sell their businesses. While growth is superficially appealing, many firms need to consider if they are prepared to meet the increased demand for those valuations. Like most things in business, preparation activities create cost to the company, and the challenge for firms becomes how to grow profitably.

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The State of Automation in Financial Services 2024 Report

In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202

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CFPB files amicus brief in FDCPA case applying “meaningful attorney involvement” standard to debt collection litigation

CFPB Monitor

John L. Culhane, Jr. The CFPB, jointly with the FTC, has filed an amicus brief with the U.S. Court of Appeals for the Third Circuit in Bock v. Pressler & Pressler, LLP , the case in which the district court ruled that a debt collection law firm violated the FDCPA by filing a complaint without “meaningful attorney involvement.” In the brief, the CFPB and FTC argue that the “meaningful attorney involvement” standard that has been applied to debt collection letters should apply equ

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Bankers: Don't Hate the Dividend

Jeff For Banks

Me to Bank CEO: Have you considered, instead of a growth strategy, maximizing profits and paying out most of it in dividends? CEO: *crickets* And so it goes with my suggestion that slow growth, superior profits and high dividends is a viable strategy. Particularly for financial institutions in slow growth markets. This strategy could also manifest itself in mutuals and credit unions, as they can pay a bonus dividend to core depositors out of their robust profits.

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Mobile Banking: The Number One Choice for Consumers

Banking 2020

As the famous Apple ads once said, no matter what you want to do with your smartphones, there’s an app for that. And these days, this includes managing all your finances on the move. With demand for these services growing among consumers, having a fully-functioning mobile app is no longer a nice-to-have extra for banks, but an essential part of their offering.

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Time to ditch generational thinking?

ABA Community Banking

Book Review: "Gen Z Effect" means technology's erasing generational lines faster than you know Human Resources Management Blogs Books for Bankers.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Professor Sovern’s comments about CFPB arbitration study numbers don’t add up

CFPB Monitor

Alan S. Kaplinsky and Mark J. Levin. In a recent blog post , Professor Jeff Sovern responded to our blog post indicating that the CFPB’s March 10, 2014 Arbitration Study strongly supports the industry’s view that consumers fare better in arbitration than litigation in general and class actions in particular. Among other things, we showed that consumers who prevailed in arbitration recovered an average of $5,389, compared to the $32.35 obtained by the average class member in class ac

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7 Mistakes You're Making with Your Customer Surveys

SWBC's LenderHub

In my last post , I gave you five ways to increase your survey results. Today, we'll dive into a few survey question mistakes you should avoid.

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Three Common Misconceptions about Mobile Security

Banking 2020

Three Common Misconceptions about Mobile Security. Most people who have a smartphone view it as a lifeline. Studies show that a person has more anxiety about losing their mobile device than their purse or wallet. This anxiety even has a name – nomophobia, or “no mobile phone phobia.”. Nomophobia is the fear of being out of mobile phone contact, and in a sense it’s entirely reasonable.

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Disruption: How must your bank change?

ABA Community Banking

How 4 tech trends—and changing attitudes—will transform banks and bank regulation Management Financial Trends Technology CSuite.

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.

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CFPB issues state-specific guides for financial caregivers

CFPB Monitor

Barbara S. Mishkin. In October 2013 , the CFPB released four “Managing Someone Else’s Money” guides for financial caregivers, particularly those who handle the finances of older Americans. The booklets were designed for four different categories of financial caregivers: agents under powers of attorney, court-appointed guardians, trustees, and government fiduciaries, such as someone serving as a Social Security representative payee or Veterans Affairs fiduciary.

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Intuit is Selling Quicken: Will Banks Seize the Moment?

Javelin Strategy & Research

Some will describe Intuit’s decision Thursday to sell Quicken as the end of an era. The reality is the era of desktop do-it-yourself accounting software tapped out long ago. Fewer than 22 million U.S. consumers use desktop personal finance software like Quicken. I thought about charting Javelin’s longitudinal data on the usage, but it’s easier to instruct you to just draw a flat line.

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Q&A: What SEO Can Offer the Financial Services Industry

Banking 2020

Entering search queries online is something that we, as consumers do all the time. This reason, among many others, is why marketers know that it’s something they need to pay attention to, if they aren’t already. To further understand the search marketing industry, Sabrina Sexton, Product Manager at Digital Insight, sat down with Angie Gibson, a digital marketing expert, to pick her brain and learn firsthand from a leader in the industry: Sabrina: Angie, I’m first curious about how you got involv

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Going digital—really digital

ABA Community Banking

Dive in! Because an app just to have an app doesn’t cut it Retail Banking Blogs Making Sense of it All Channels.

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.

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CFPB seeks information on income-driven student loan repayment plans

CFPB Monitor

John L. Culhane, Jr. In a new blog post , the CFPB tells borrowers, that in response to its solicitation of borrower “stories” about problems with student loans, it has heard “about problems related to enrolling in income-driven repayment plans that ended up costing you hundreds of dollars in unexpected payments.” The blog post includes “some helpful advice and information” for borrowers enrolled in such plans which details the potential consequences a borrow

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A Lesson in Poise & Professionalism….PART 2

Your Full Potential

“A Lesson in Poise Professionalism….PART 2”. (Continued from PART 1 ). You’ve now been waiting 30 minutes or so and have moved a couple of paces forward in this gargantuan line of people trying to get to Raleigh, NC. You can see the frustration and tension mounting. Passengers are going to other ticket counters to see if the agents at those can help but those agents tell them that they have to work the flights leaving out of that gate.

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The Three Can’t–Miss Pieces of a Functional Strategic Plan

The Emmerich Group

It’s that time of year again…it’s time to create a strategic plan to have a profound impact on next year’s financials—your growth, your profitability, and the safety of your organization. Now, to do that, you really need to think about the fact that most strategic plans are…pretty darn dysfunctional, in that they’re missing a few key pieces. Let’s talk about what’s missed the most. 1.

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Where is oil credit heading?

ABA Community Banking

SNL Report: Past not prologue for this energy cycle, bankers maintain Management Financial Trends Risk Management Credit Risk Feature Feature3.

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Addressing Top Enterprise Challenges in Generative AI with DataRobot

The buzz around generative AI shows no sign of abating in the foreseeable future. Enterprise interest in the technology is high, and the market is expected to gain momentum as organizations move from prototypes to actual project deployments. Ultimately, the market will demand an extensive ecosystem, and tools will need to streamline data and model utilization and management across multiple environments.